UTXO Management has, with the help of Sora Ventures, acquired 70.26 % of HK Asia Holdings Limited (1723.HK), listed on Hong Kong Stock Exchange. This transaction allows the group in control to brand the company Moon Inc. and focus on Bitcoin initiatives, Web3 projects, and financial technology ventures. Following the news, the stock is the second-best-performing equity on the Hong Kong stock exchange.
Tyler Evans, Managing Partner at UTXO Management, the sister company of Bitcoin Magazine under BTC Inc., stated that this move highlights a strategy to leverage Hong Kong’s role in global markets. Sora Ventures Founder Jason Fang pointed to Hong Kong’s Bitcoin ETF launch and recent crypto-focused events as signs of a market environment that may support additional digital asset offerings.
The acquisition includes issuing convertible notes totaling 33,750,000 HKD, which increases the group’s stake to around 74% upon full conversion by the acquiring parties. UTXO Management and Sora Ventures’ involvement follows their prior success aiding Japan’s Metaplanet, often likened to MicroStrategy in Asia, in its Bitcoin journey.
Stocks of HK Asia Holdings Limited rose by 23.21% per day on the 24th of January, with a 5-day gain of 33.33%. Volume of 13,284,000 shares helped to reach a 366.67% change year-to date.
The market capitalization in 2023 is 4,48,000,000 HKD and the price-to earnings ratio is 18,3x. Historical data shows a 52-week low of 0.212 HKD on January 18, 2024, and a 52-week high of 1.63 HKD on January 7, 2025, indicating strong uptrends that could continue given the company’s new direction.
Moon Inc. is rebranded upon approval. It signals that the company intends to pursue strategies based on Bitcoin and Web3. The company’s name change aligns with its intention to increase exposure to digital asset markets while remaining active on the Hong Kong Stock Exchange.
Sora Ventures invests in CryptoSlate.
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